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interest, the city would go to market today. the once needed the deficit because the cash flow will be positive. and we could potentially not sell the debt out to 20467 2047 and could just have it mature to 2045. and that would require the sf travel to continue to fund the stablization fund throughout the term of the debt. but because we are far out. we have another four or five more years to go. we thought that it was safe to use an assumed interest rate of 6 percent so we can see what the scenarios or what scenarios would result. in addition the ssand the e would be funded from the assessments and not the proceeds from the cods. and the way that we have structured this is the city would collect, we would receive and we would fund that service and all of the buckets that we are proposing here and then the tickets sent over to the med. the idea is that it becomes a lock box that is more secure rather than sending it to them and bringing it back to make those payments. >> just a quick question, how does i guess the two things that i do want to ask in the amendment that we see is
to do something to fix our skyrocketing deficit. our national deficit that he will tell you has been going up and up and up like a rocket and spiraling out of control like a something going out of control and paul ryan is just so right and if congress and president obama do not do something to stop the skyrock edding deficit, to sop up the red ink, if they don't do it by new year's or sometimes whenever the emergency is supposed to happen, we will go flying off the fiscal cliff. and not like these guys who mean to do that, but more like cliffhanger cliff on "the price is right" for whom going over the edge is really a dire mistake. beware the fiscal cliff. you will hear this at the thanksgiving dinner table. when someone inevitably brings up the fiscal cliff and how our sky rocketing deficit is a huge danger to us, do not crawl under the table. do not give up on thanksgiving. help your giant uncle understand that what he is freaking out about is not true. it is easy. there are visual aids that might help. look. first of all, the amount of money borrowed by the government has been goi
? fewer still want to be loved with all the deficit. lou: it's going to have to mean cutting the federal budget.the x >> even if we increase the taxr, rates, as you noted, the top 1%y in this country, 17% of the 37 income is what they make. they pay 7% 37% of the taxes.oug lou: give us your last thought here.ith the >> mr. president, please, please we work with the businessyou' putti community. we want you to succeed. but you are puttingy animpedims in a way to make it impossible. we want you to succeed. work with us. >> i don't expect the republicans to love our budget. compromise is hard. we are going to have to compromise. lou: no spending cuts, what is the deal? that is tonight's "chalk talk" people really love snapshot from progressive, but don't just listen to me. listen to these happy progressive customers. i plugged in snapshot, and 30 days later, i wasaving big on car insurance. with snapshot, i knew what i could save before i switched to progressive. the better i drive, the more i save. i wish our company had something this cool. you're not filming this, are you? aw! camera sh
of that up, you are still going to be left with a huge hole called the deficit and it will have to mean cutting the federal budget. >> so, even if we increase the tax rates, as you noted, by the way, the top 1% in this country makes 17% of the income, and pay 37% of the taxes. i mean, so, the fair share argument really isn't -- >> up against a hard out here, and i'm going to ask you to give us your last thought here. >> mr. president, please, please, work with the business community. we want you to succeed. but, you are putting impediments in our way that make it impossible. we want you to succeed, we want to succeed. work with us. please work with us. >> andy puzder, thanks for being with us. european nations on the wrong side of the fiscal cliff but the president says america can steer clear. >> president barack obama: i believe it is solvable and my budget, frankly does it and i don't the republicans to adopt my budget, i recognize we have to compromise. compromise is hard. >> lou: more than a trillion-and-a-half dollars in tax hikes, no spending cuts. what is the deal? that is tonig
that, there was this giant deficit we felt through the city -- through the state. then it was how we implement these new requirements while we experience these cuts. so school sites experienced it because they got less money than they had before. and why you heard some going from a seven to six-period day to make those choices to support their core program. they have all done these different cuts. and then we had the additional hit of what happened from the state with the after-school fund. because we weren't anticipating that. >> right. >> and i think that the school district eliminated evening schools that we still had that safety net. now we have an awareness and responsibility to reallocate and reprioritize in this new budgeting cycle. to be sure that we are meeting the needs of the students for graduation in the school district. i am not in a position to say 2.7 but to meet the needs. >> this may be a question more to young or the superintendent. which is to say that what we see before us is a supplemental request for $2.7 million. to provide additional funding so kids can catch
will have the deficits where the general fund will have additional dollars. so we are proposing that in the event that occurs, that if we continue to collect the revenue more than we need for that service, we would fund that med assessments will repay the city for those deficits. the next one is the stabilization fund, we know which hotel and revenues that are volatile, so the city negotiater will travel that will fund a stablization fund for future losses in all losses in revenues. and the amounts of $15 million and the goal is that as we move that portion of that $15 million it gets replenished and
with the deficit and that will mean cutting the federal budget. >> eventh if increase the taxe rates, the top 1% maken timbersf 17 percent of the incoming and a 37% of the taxes. lou: give us your lasthot thought. >> mr. president, pleaseplease mr. president, please, workbusi with the bneusiness community. b we want you to work with us i but you put impediments in our way. work with us. please work with us. lou: european nations on the wrong side of the fiscal cliff but the president says ameritech and steer clear. >> i recognize we have to compromise. >> $1.5 trillion of tax hikes but no spending cuts? hikes but no spending cuts? "chalk talk."omcu core of my portfolio. hikes but no spending cuts? "chalk talk."omcu what i really need is sleep. introducing the ishares core, building blocks for the heart of yr portfolio. find out why 9 out of 10 large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus which includes investment objectives, risks, charges and expenses. read and consider it carefully before investing. risk includes possibl
in the consolation game. >>> wsu versus the huskies today. wsu came back from a big deficit. 67-yard return in overtime, and it set up the game-win be field goal. cougars of wsu coming back from a 28-10 deficit to wind up winning in overtime. the warriors tipped off up in did denver just a couple of minutes ago. full highlights at 10. >> see you thin. thank you, mark. and -- see you then. thank you mark. and thank you for trusting ktvu news. [ laughter ] [ girl ] wow, you guys have it easy. i wish i had u-verse when i was your age. in my day, we didn't have these fancy wireless receivers. blah blah blah. if i had a sleepover, i couldn't just move the tv into the playroom. no. we had to watch movies in the den because that's where the tv outlet was. and if dad was snoring on the couch, we muscled through it. is she for real? your generation has it made. [ male announcer ] the wireless receiver only from at&t u-verse. get a free wireless receiver with a qualifying u-verse plan. rethink possible.
to fully fund education. another term for this gap between the blue and orange lines is the deficit factor. it's a term in california school of finance. and that is now over 22%. so for every dollar of baseline revenues we should be receiving, we are receiving 78 cents of funding. and that is being scored and tabulated each year by the state. and it is hopefully going to be restored over time. but in the past six years we have been making do with the resources you see on this chart. >> just to clarify, that's the projected statutory cola, the difference between that and the orange line? >> that's correct. >> and that's what is calculated with the state and hopefully there is repayment of that gap. >> correct, supervisor. just a couple of other points that are pertinent to the item before you. in the spring of 2009, was when the board of education passed its a-g graduation requirements. you see in this context that was right before this precipitous decrease in the state's funding for schools. the board of ed passed the graduation requirements in may of 2009. the budget from the state for fy
it into the unified budget to mass of the overall deficit. the trust fund will run -- to mask the overall deficit. it was a nice tax breaks for low income seniors. that was stealing from that trust fund. we call it the social security fund. there is no trust in my estimation. host: this is from the huffy to post a business section. earlier this week-- huffington post business section. older americans are in the cross hairs. when congress returns for a lame-duck session, stocks will keep up -- talks will heat up and there may be reinvigorated discussions on a grand bargain. the last time that happens, president obama considered a proposal favored by republicans to extend the eligibility for medicare to 67. as a guy who turned 65, your thoughts about extending the eligibility for medicaid to 67. guest: if you are younger, you are not thinking about it. i think it would be prudent to do that for the health of the country in the future of the people. obviously, if you are at or near 65, you cannot do it. the thing i wonder is, as part of this whole situation, why is there no effort to really, really
to the, you know, budget deficits and medicare, small enough it's somewhat of a side show. the idea that we're picking on themmen they're not getting the right deal, get out to the real world. >> steve. >> don't blame them, federal workers, this isn't their fault. yes, they're going to have give more. and in favor of union representation and union representation say hey, leave us alone, it's good for them, but overall, everybody's going to have to give, everybody. >> brenda: gary b. >> look, if it's the federal workers have it so bad, try to get a job in the federal sector, it's almost impossible these days, that's how bad it is. >> brenda: but, jonas, there have been layoffs from the federal sectors as well. >> they haven't had as hard as states. states had to get their budgets going tighter before the federal government. the federal government now is only starting to address the workers so i think that the state workers are taking it harder than the federal workers and now the federal workers have to join the misery of the state workers in tightening budgets. >> brenda: tough time
unemployment and minimal hope for its improvement and also for increases in the debt and deficit. his job lts wislation proposals are not being well-received by republicans. the administration has not propose any innovative resolutions for the severe downturn in housing. some believe he should have supported and promoted simpson-bowles deficit reduction proposal. he has not bmeetin rtele to significantly expand economic opportunity. how has obamaarased the tobsls leadership? he attempts to communicate his vision and proposal but he has appeared so often on television that overeublosure was occurrinr he is a capable public speaker but his speeches lack the spirit he showed during his first campaign. he seems to lacversthe coficunication skills of fdr, reagan or clinton. obama frequen-by comes across as a teacher or a motivator and not a motivator. he fails frequen-by to excite and motivate the broad public he must reach though he is not doing badly in the current campaign. there is a recent article in a sunday edition of the newshorves times entitled to obama plays to win in politics and every
will be seeing cuts in the coming years. so there will be deficits that we'll be facing, in the coming years. we talked about the mandated cost block[u&,9- getting some additional dollars from that. and then the budget projections were bleak. they continue to be bleak. so once again, we're not -- we're still in a position where we'll be cutting and modifying and adjusting for next year. giving. >> who's first? commissioner wynns. >> commissioner wynns: i just mandated cost block grant be distributed to all the board members and hopefully at some time in the future we could have a discussion about that, because how this is going to work, this is another new change to the funding structure. it would be good for us all to know before we do the budget next year, to understand that better, i think. thank you. >> can i just encourage, if you haven't received this, mr. lee, all of the board members we asked for your input on what you'd like to hear. coming up we'd like to do our budget committee earlier rather than later knowing there are additional cuts we have to focus on and to set our priorities. w
the homeless rather than give spare change. >>> another step back to closing california's budget deficit. the steal of the state's first pollution permits brought in much less money than expected. the governor and lawmakers projected three auctions would raise $1 billion. but now analysts project it will only bring the state around $216 million. the governor's january budget could reflect the lower projections. >>> illegal marijuana growers appear to be growing green. investigators say growers around the country are turning to solar power to remain off the grid and avoid deduction. police in new mexico said it's a growing crime and have busted many illegal marijuana operations that use solar panels. authorities in california say they're patrolling the wine country for solar panel thefts. they believe they're being used to grow pot. >>> in the sierra, this year's black friday turned out to be fairly white. here is a look at conditions on the roads and on the slopes. >> reporter: these snowmen were hanging out in mud and grass, and the skiers and snowboarders were headed higher up. >> it's
to be borrow and added to the deficit every year. naturally is part of the deficit-reduction discussions. the group supporting the attack site include state highway officials, road builders, trucking associations, the simpson-bowles planner it proposed raising the tax as well. there's other tax in the fiscal cliff and possible gas tax is not the only tax to hit the bottom line. deal or no deal, hold on to yo wallet. here with more, the senior tax policy analyst for the heritage foundation. always nice to have you on the show. let's talk about the bottom line for so many people out there, willit so many folks, % of households, almost impossible to escape and create that. >> everyone's taxes will go up on january 1st. important to point out we're talking about today which is raising taxes. that is off point. the fiscal cliff is here because we're spending tooomuch. we are the precedents of the debt crisis because we're spending too much. how we can raise tes and talk about raising the gas tax, nothing to do with cutting spending which is where we should be directing our attention. gerri: i
to be sitting on the sidelines and lose jobs. we've seen. that our manufacturing goods, trade deficit has gone up. >> that might be true that some play dirty, with don't we as well snt risk becomes that we encourage mal investment. all the things that make the united states unique and special over the past 100-odd years in the economy and that's innovation. and that's resilience had to do little with subsidies. little with special treatment but rather equal playing field. let's not corrupt what is made special to play dirty to keep up with the dirty players. >> i'm not suggest we go play dirty. i disagree with your economic history a little bit. every successful industry that's been incubated in the united states has been subsidized like sems and you can go back to the telegraph and find. that i think we have a differing view of economic history. but what i'm suggesting is this, someone's going to make cars for consumers in the united states. i'd like to see them made here. japan, korea, china, germany, they all have manufacturing strategies. if we don't have one, and i think -- i don't think
states postal service has money problems a deficit forcing closures and cut backs in service. abc 7 news found out, one of the local post offices on that list is a gem, a throw back to mostly to the woman who runs it. >> if you look, you might see yourself in this time lapse. relax if you can. destination is beyond the freeway, past orinda, taking a route throughout the redwoods to replace urban world does not penetrate. a community identify bid its post office. here it is. the one known for hardly ever having a line. >> so this is most of the timeq÷ it's empty? >> do you get lonely? >> no. >> this should be the last word to scribe describe here. it is in canyon, serving about is 94 residents nchl a community with no door to door deliveries... everybody picks up mail here. you know all of the names? >> yes. i do. >> all addresses? >> yes. doi. >> all family history? >> yes. yes. >> all of stuff you're not supposed to know. >> some i wish i didn't know. >> you know everything about everybody. >> i pretty much do. >> what she does not know is how cut backs by the postal service will affec
the deficits are coming from. that's what should be talked about more than taxing people who are working their rear ends off to do better for themselves. >> i've got to telldon't like wt is brought into a discussion about people making $250,000. >> two different worlds. >> he's a very good business man. >> an amazing businessman, he doesn't care about taxes. >> he's not the only businessman saying it. >> it's not just the fiscal cliff coming on january 1st, more of the president's health care law is starting to kick in. how much more will you be paying? we're going to find out. hmm, it says here that cheerios helps lower cholesterol as part of a heart healthy diet. that's true. ...but you still have to go to the gym. ♪ the one and only, cheerios ..is bigger than we think ... sometimelike the flu.fer from with aches, fever and chills- the flu's a really big deal. so why treat it like it's a little cold? there's something that works differently than over-the-counter remedies. prescription tamiflu attacks the flu virus at its source. so don't wait. call your doctor right away. tamiflu is
shores and our own trade practices are to blame. take a look at this chart. the trade deficit with china has displaced more than 2 million jobs. the stdata from a left-leaning think tank. job losses were in computers and electronics. more than a million jobs lost in those industries over the years according epi. other industries hit hard include apparel, accessories and fabricated medals, textiles and furniture and plastics and rub, motor vehicles and parts. some companies are starting to see the economics of making appliances in the u.s. makes sense to their bottom line, that's right. more efficient distribution, better work force oversight. it's turning good business, turning into good business for a company we visited in michigan. this assembly line in canton, michigan, is humming again. it's auto country, but workers like michael cox are building televisions, part of an industry that largely left when manufacturing jobs were outsourced in the 1970s, '80s and '90s. >> lots of things went overseas. nice to see a lot of that stuff come back. a lot of people here need a job and we're wil
, you are running a deficit for the fourth year in a row and yet you can borrow money almost for nothing. so why don't you just wait another year or two years. who wants to take the fall? who wants to take the political heat if you can borrow money for five years, which is what they are doing now. neil: we are building another debt bubble? >> yes, we are doing so. >> i don't know what you call it. we've never been there before, we've never had a central bank. we've never had anything like that. >> you don't think it can walk past the graveyard much longer? >> i don't think so. i don't think we can whistle the tune vermuch longer. >> okay. neil: if you had a lead suit you would buy it. [laughter] neil: dad, thank you so much. the president is now speaking out. that coming upnext twins. i didn't see them coming. i have obligations. cute obligations, but obligatio. i need to rethink the core of my portfolio. what i really need is sleep. introducing the ishares core, building blocks for the heart of your portfolio. find out why 9 out of 10 large professional investors choose ishares for thei
of use. what we are telling washington, you are running a deficit for the fourth year in a row and yet you can borrow money almost for nothing. so why don't you just wait another year or two years. who wants to take the fall? who wants to take the political heat if you can borrow money for five years, which is what they are doing now. neil: we are building another debt bubble? >> yes, we are doing so. >> i don't know what you call it. we've never been there before, we've never had a central bank. we've never had anything like that. >> you don't think it can walk past the graveyard much longer? >> i don'think so. i don't think we can whistle the tune very much longer >> okay. neil: if you had a lead suit you would buy it. [laughter] neil: david, thank you so much. the president is now speaking out. that coming up next ♪ ♪ [ engine revs ] ♪ [ male announcer ] oh what fun it is to ride. get the mercedes-benz on your wish list at the winter event going onow -- but rry, the offer ends soon. neil: probably not a fox alert to tell you that huge celebrities like democrats, they actually
service dealing with a 12 billion dollar deficit among the closure and cut back is a local post office as wayne found it it's a throw back and gem mostly for the woman who runs it. >>reporter: if you lack closely you might see yourself in the time lapse symbolic of our world. relax if you can. destination lies beyond the freeway. past the suburb of orinda. take a route through the redwood to a place the urban world does in the opinion at any rate. community identified mostly by its post office. hear it is. one known for hardly ever having a line. most of the time it's empty. >> most of the time. >>reporter: do you ever get lonely in here. >> no. >>reporter: lonely should be the last word to describe tl this woman. post office 9 4 5 1 6 in can i don't know serves 194 residents. in a community with no door to door delivery t.everybody picks us up their mail here you necessity all the names. >> yes, i do ivshtion allhe addresses. >> yes, i do. >>reporter: all the quirk. >> yes. >>reporter: family history. >> yes. >>reporter: all the stuff you are not supposed to know. >> yes
likelihood, taxes are probably going to have to go up across the board simply to deal with the deficit and everything else out there, so if you're a democrat, are you happy or unhappy because once that train starts rolling, it could hit l middle class, which the democrats warn they won't touch. >> i mean, i'm definitely happy about it. it's thanksgiving and i'm very thankful right now for millions of americans who came out on november 6th and declared loudly that the tax reform in particular making especially the highest income americans, you know, actually paying their fair share of taxes. that that's a priority and something that should be pursued in context of the fiscal cliff. the train is rolling and i think it's nice to see even some republicans now eventually realizing that taxes in particular tax fairness, does need to be a substantial part of this fiscal debate. >> but you just skated around my question, which is that if you're going to have real tax reform, almost every economist says the middle class is going to pay more, too. how are democrats going to handle that? >> i thi
there particularly considering the deficit they overcame. that is the sporting life for a friday night. should be interesting come sunday. a game you will see on channel 2. looks like kapernick at quarterback and it'll be a different story there in new orleans. loud crowd, in a dome, enemy territory we'll see how they do then and then we'll really have a controversy. >> if he plays well, yeah, thank you mark. >> thank you so much for trusting ktvu news. >> we'll have the latest on the conditions of the family members involved in that horrible crash in palo alto. they're here tomorrow morning at 7:00 a.m. and we're always here for you on ktvu.com and mobile ktvu.
this. it is a social skill deficit that they learn, and their parents need to know that and intervene. >> the place where we stop it is the public forum of the school. because we can't control these homes. but we can control what happens to kids at school. and we can have -- we can push for more empathy and more understanding. that's where we have a chance to make an impact. >> what bothers me is i don't think you can put a fence around the school. i hear administrators say it happened off campus, it wasn't actually on school. it was in a chat room, it was this, it was that. you have to take down the fences and boundaries. we are responsible adults, and if we know this is going on, we need to caucus and talk to the parents and have a discussion about this. and not to come in and put the bully under the jail. you're not going to punish this out of the bully. that young man that was doing that on the bus, that bully, to me, that is a tormented child. the bully. there's something going on. >> but when he went home that night for dinner and his mom said how was your day, what did you do t
into an 11 billion-dollar deficit. economists economists predict it would throw the economy into chaos triggering another recession. . many to 90% of california residents would see taxes go up. >> the cliff could also endanger the future of charities. nonprofit organizations are telling washington they can't survive if their funding is slashed. congress is considering a proposal that would cut from 35 to 28% the amount wealthy americans could write off in donations. >> a 1% decline in giving to american higher education would result in a loss of $300 million a year to colleges and universities. >> they have launched a new lobby including a website asking charities to contact their members of congress. >> the turkeys that didn't go to the thanksgiving table will be dished up because of the south of market store. more than 200 of their unsold fresh turkeys were frozen and donated to saint anthony's. they provide food for homeless, seniors and the working poor. they said that the need for food is still greater than ever, not just on the holidays. >> we can use this throughout novembe
, but in the ultimate fiscal adjustment we'll have within the next few years where we shrink the federal deficit. but medicaid is the most cost effective part of our entire structure. if you're going to be cutting, cut in medicare, the exchange subsidies, medicaid is the last place to go to look for those dollars. >> the administration official after this op-ed from boehner told the huffington post, the president would oppose involving them in the negotiations. >> the aca reduces the deficit. so, i mean, if you look at the ten-year projections aca brings down overall costs. the subsidies and the medicaid expansion are costly, but there's also the savings in medicare and the new taxes that are going to be used to fund it. it actually on balance is deficit reducing. >> claudia, i'm curious, one of the things that's interesting, the single payer people and the conservative people, conservative opponents of aca and singer payer skeptics have similar critiques about cost control. you see mirror images, single payer people say no, single payer is the only way to get the cost control you want. i'm curi
of the americans believe they need more taxes and lowest tax necessary 80 years and we have a high deficit. they can afford to pay more. >> the fact is, many republicans are saying okay. we want to talk about taxes. let's also take a look at entitlements and speppeding cuts and so far, the white house hasn't put forward anything on paper that they are willing to discuss. >> that is one of the hardcore issues here. there is an idea coming from the democrats we are going to raise taxs and off set it by raising taxings. we have a staggering economy and unemployment and we'll hit 50 million americans on food stamps and no end for that number to constantly grow even as unemployment rates went down. we are adding to people on food stamps which doesn't make sense. how do youriform these things? and at the same time not just say we'll raise taxs and continue to spend money we don't have. look at the white house. they are borrowing 47 cents of every dollar spent in the budget this year. it is it not going to work and they will have to give and we'll go after the rich and take their mon yeby the way
have to do something about the deficit, and here's a good place to start.str if you need to actually bring i, revenue, the best place to do it is where it does theeast rm.hat that's on tax cuts for the wealthy. that's something that's really unassailable. now, if we were in conditions when we didn't have any deficiti issues, of course, we wouldn't have a need to raise taxes on anyone one, but we have competing priorities and have to find a way to pay for them. melissa: we have a spendingwe problem, h drunken sailors, a credit car to run forever, and we just can't. >> that also has consequences.ee as everyone knows with the looming so-called fiscal cliff discussion, if you cut too muchu you also drive the economy into an abyss so, you know, we'd all like to say we cut spending and live within our means, but it's not as simple as that.ple you can also cut spending too much so that you actually hurtrt the economy you're supposed to help. melissa: so, i agree with whath you are saying, and this is too civil. i got to derail it somehow or else it's no fun; right?in what's the point in doi
, like deficit reduction. so nixon thought he was making a positive contribution that way. but nixon also disagreed with perot's protectionist and isolationist strains in his platform. and then perot exited the race and jumped back in, and this really disappointed nixon because he thought that perot was treating the presidential race as a game that was subject to his own caprices and his own whims. and so nixon thought that the country could not afford to have such an erratic character as a vice presidential or a presidential nominee. c-span: how did you go about getting random house to buy this book? >> guest: actually, i had worked with harry evans at random house on nixon's last book, "beyond peace." so i had somewhat of an association with him. and i let him know that i had several sample chapters done that mr. safire had read, and i had a simple outline for him, and would he be willing to read it? and he was, and he liked it, and so that's how it came to be c-span: and when did you start that process? >> guest: actually, i originally envisioned this book as a single volume. i thought
, and want tax hikes and spending cuts to reduce the deficit. and one fourth want spending cuts only. 68%. there are the numbers on your screen. doesn't that number, 68%, mean that it's politically perilous for your party, republicans, to oppose raising taxes on the top 2 or 3%? >> well, no, they -- it's got to be part of the equation and i think that speaker boehner made that clear, but gregg, let me first start by saying i happen to care very much about the 43% inpoll, but it doesn't erase -- it doesn't erase the fact that a majority of them do not pay taxes and it also doesn't erase the fact that most people support tax increases on other people as opposed to themselves, but i think the american people are a little tired of polls. the election is over, talking points should be over, and it requires compromise to solve problems in this town, something that's been lacking for years. by both sides of the aisle. and so, the issues you're talking about in terms of the specifics, whether it's the tax rates or these deductions, it just cannot be across the board. there are unintended consequ
deficit with the goals set up plus the one. $6 trillion tax increase or five. particularly since the spending cuts have been agreed to buy none of the democrats. we do know obama included -- he said nice things about simpson- bowles. there are some spending restraints. not a single one of those ideas was put into obama's budget, not one. we know he is not for any of that. when republicans offered to put them into subsequent savings from the budget control act, the democrats all objected. they are officially against every saving -- every saving discussed in simpson-bowles. so, when they spent nine months discussing simpson-bowles, a $5 trillion tax increase and hint at tax reform and spending reform, and when they finally went into the room to see what they came up with, they did not have legislative language which it of taken two weeks and then -- done by staffers. a pilot typewritten -- pile of typewritten pages that the says "all work and no play makes jack a bellboy" if you watch the movie. nothing in nine months. it is not real. people say this imaginary agreement that is not
will still be left with a huge deficit. it's going to have to mean cutting the federal budget. >> even if we increase the tax rate he top 1 percent in th country makes seven timbers of the income. 37 percent of the taxes. so a fair share argument really is it -- lou: you're getting a again start out here. your last shot. >>r. president, please, please work with the business community. we want you to succeed, but you're putting impedimets in our way and make impossible. we want you ♪ lou: well, the president wants to raise taxes by over one half trillion. that is his opening gambit, initial bargaining position on the fiscal cliff. he wants to do that over the next decade. this is the kind of math i like. that works out to 160 million per year in taxes. republicans howling about it, but are they wrong to be so upset? let's take a look of some members. earlier this year the prident unveiled a three. eight -- i love this. we talk about these numbers that there is nothing to them. he forecasts a 1.3 trillion dollar deficit. so that means, if i can figure this out, to a half trillion dollars to
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